Thursday, September 05, 2013
Tweet[IWS] BLS: PRODUCTIVITY AND COSTS Second Quarter 2013, Revised (5 September 2013)
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
PRODUCTIVITY AND COSTS Second Quarter 2013, Revised (5 September 2013)
http://www.bls.gov/news.release/prod2.nr0.htm
or
http://www.bls.gov/news.release/pdf/prod2.pdf
[full-text, 15 pages]
and
Supplemental Files Table of Contents
http://www.bls.gov/web/prod2.supp.toc.htm
Nonfarm business sector labor productivity increased at a 2.3 percent
annual rate during the second quarter of 2013, the U.S. Bureau of Labor
Statistics reported today. The increase in productivity reflects increases
of 3.7 percent in output and 1.4 percent in hours worked. (All quarterly
percent changes in this release are seasonally adjusted annual rates.)
From the second quarter of 2012 to the second quarter of 2013,
productivity increased 0.3 percent as output and hours worked rose 2.1
percent and 1.7 percent, respectively. (See table A.)
Labor productivity, or output per hour, is calculated by dividing an index
of real output by an index of hours worked of all persons, including
employees, proprietors, and unpaid family workers. The measures released
today were based on more recent source data than were available for the
preliminary report.
Unit labor costs in nonfarm businesses were unchanged in the second
quarter of 2013, as hourly compensation increased at the same 2.3 percent
rate as productivity. Unit labor costs rose 1.5 percent over the last four
quarters. (See table A.)
BLS defines unit labor costs as the ratio of hourly compensation to labor
productivity; increases in hourly compensation tend to increase unit labor
costs and increases in output per hour tend to reduce them.
Manufacturing sector productivity rose 1.9 percent in the second quarter
of 2013, as output declined 0.6 percent and hours worked declined 2.4
percent. Productivity increased 3.3 percent in the durable goods sector
and 0.2 percent in the nondurable goods sector. Over the last four
quarters, manufacturing productivity increased 1.9 percent, as output
increased 1.9 percent and hours were unchanged. Unit labor costs in
manufacturing rose 2.3 percent in the second quarter of 2013 and decreased
0.5 percent from the same quarter a year ago. (See tables A and 3.)
Preliminary second-quarter 2013 measures of productivity and costs were
announced for the nonfinancial corporate sector. Productivity increased
3.2 percent in the second quarter of 2013, as output and hours rose 4.8
percent and 1.5 percent, respectively. Unit labor costs fell 0.9 percent,
as the 2.3 percent gain in hourly compensation was less than the 3.2
percent gain in productivity. (See tables C and 6.)
The concepts, sources, and methods used for the manufacturing and
nonfinancial corporate output series differ from those used in the
business and nonfarm business output series; these output measures are not
directly comparable. See Technical Notes for a more detailed explanation.
AND MUCH MORE...including TABLES....
________________________________________________________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.